Chartered Insurance Institute reduces gender and ethnicity pay gaps
The median gender pay gap, gender pension gap and ethnicity pay gap at the Chartered Insurance Institute has continued to shrink in the last 12 months.
The CII can report the professional body had a median gender pay gap of 10.06 per cent in 2021 compared with 13.94 per cent in 2020.
The professional body’s median gender pension gap was 10.66 per cent in 2021 compared with 11.16 per cent in 2020.
A median ethnicity pay gap of 14.1 per cent was reported for 2021, the first year of external reporting of this figure.
The CII’s mean gender pay gap is now 14.81 per cent, compared with 16.25 per cent in 2020, while the mean gender pay pension gap is now 7.35 per cent compared with 17.37 per cent in 2020.
The mean ethnicity gap is 25.43 per cent in 2021, which again is the first year of external reporting of this figure.
During the last four years the CII has re-evaluated roles to address any historic anomalies towards part-time workers; expanded the number of roles suitable for part-time and/or job sharing; moved to Anytime Anywhere working; trained managers to recognise and overcome unconscious biases; and committed to the Insuring Women’s Futures Financial Flexible Working and Inclusive Customer Financial Lives pledges.
The figures used in the gender pay pension gap include both employer and employee contributions.
A larger proportion of male employees (35 per cent) make a personal contribution to their pension than female employees (33 per cent) although the proportion of females making a personal contribution has increased by 5 per cent since 2020.
The proportion of females making a percentage contribution into their pensions is now greater than the amount of males.
Sian Fisher, CEO of the Chartered Insurance Institute, said: “The CII is committed to being diverse and inclusive, plus reducing the gender pay, pension gap and ethnicity pay gap.
“It is vital we continue to improve our understanding of the nature of the pay gaps and master the tools that can help us take the necessary steps to tackle the pay, pension, wealth, and opportunity gaps that exists between the genders and different ethnic groups.
“I am proud of the steps we continue to take to tackle gender and ethnicity pay issues and particularly the improvements made. We continue to work on reducing the gender pay, pension and ethnicity pay gap and recognise the challenge of making further improvements next year.”
Authored by the Chartered Insurance Institute
The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability.
With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.
Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).
Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.
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